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Scammers are increasingly using generative AI to create convincing fraudulent messages, leading to significant financial losses for Americans. In 2023 alone, scams resulted in $10 billion in losses, highlighting the growing threat posed by AI-enhanced criminal activities. Scamnetic, a startup founded by Al Pascual, aims to combat these scams by leveraging AI technology to help consumers identify and avoid fraudulent communications.
Scamnetic offers two main products: KnowScam, which analyzes messages for legitimacy, and IDeveryone, which helps verify the identity of potential contacts. The company plans to expand its services to include video communication to tackle deepfakes, a growing concern in online interactions. With a recent funding round of $1.35 million, Scamnetic is poised to enhance its offerings and protect consumers from evolving AI-driven scams.
• Scammers use generative AI to create convincing fraudulent messages.
• Scamnetic leverages AI to help consumers identify and avoid scams.
This technology is exploited by scammers to create realistic and convincing fraudulent communications.
Scamnetic uses machine learning to analyze and score messages based on patterns from past scams.
It is utilized by Scamnetic to help machines understand and evaluate the legitimacy of messages.
The company offers tools to analyze communications and verify identities to protect consumers from fraud.
Although not directly involved in scam prevention, its former employee founded Scamnetic to address the growing issue of scams.
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